Kraken, one of the longest-standing, most liquid and secure cryptocurrency exchanges, has launched a new onchain staking product for US clients in 39 states and territories, providing a straightforward and secure means for clients to participate in the security of supported networks. Kraken plans to expand its onchain staking product to more states as permitted.
From today, clients residing in eligible states will be able to securely stake eligible tokens via Kraken Pro. These clients will be able to participate in bonded staking, which locks up or “bonds” crypto assets to the network for a specific period of time. Kraken delegates staked assets to validators, which then handle transaction validation and block production. These validators then pass back rewards, minus fees, to clients who have staked their assets with that validator.
“Launching this new staking product in the US is an overwhelmingly positive development, not just for Kraken but also for the entire US crypto space,” said Mark Greenberg, Kraken Global Head of Consumer. “We are excited to bring back a brand new product enabling US clients to resume staking with Kraken, and playing a significant role in bolstering the underlying security of blockchain networks.”
Kraken was the first major centralized exchange to launch onchain staking in 2019, enabling clients to play a role in securing proof-of-stake (PoS) blockchains. Last year, Kraken became one of the first crypto platforms to enable clients to restake ETH, so projects building on EigenLayer could benefit from the underlying security of Ethereum.
PoS has become the one of the most popular consensus mechanisms in crypto, with the number of staking offerings exploding in recent years and crypto holders across the world staking in order to secure countless ecosystems. Kraken’s new staking product for US clients helps restore parity between the products and services available to Kraken US clients and those available to Kraken clients in other jurisdictions.
Greenberg continued: “Kraken serves as a bridge so people can access the crypto space and participate in an increasingly broad range of related activities from an interface and platform that they’re familiar with. Onchain staking is a key component of how we fulfill this role and we believe the resumption of staking in the US today will play a significant role in the development and mass adoption of crypto.”
Clients in select US states and territories will now be able to use Kraken’s onchain staking product to stake 17 assets, including ETH, SOL, DOT and ADA. US clients’ assets are also covered by slashing insurance from a third-party provider. Kraken’s restaking integration will also be made available in eligible states. For the full list of eligible states and for more information, please visit our staking homepage here.
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